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March 5, 2024 

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ARBITRATION: Intervention of an impartial third party to settle disputes between two others. The decisions of this third party -- the arbitrator -- are legally binding, much like the ruling of a judge in a court of law. Arbitration is commonly used to interpret a collective bargaining agreement between unions and employers. Much like a judge (in some cases it is a judge) an arbitrator determines how a given union and employer conflict stacks up against the terms of existing agreement. Note that an arbitrator doesn't try to decide what's "best, "fair," or mutually agreeable to both sides -- as would be the case with mediation -- but only what's in line with the existing agreement.

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CREDIT: The promise of future payment in exchange for money, goods, services, or anything else of value. Car loans, mortgages, credit cards, corporate bonds, commercial paper, and government securities are all forms of credit. In fact, credit is an extremely wide-spread and critical part of our economy. About one-third of the stuff consumers buy, and nine-tenths of business expenditures is on credit. Most business capital, and consumer car and home purchases would be impossible without credit. Moreover, given the time lapse between paying for inputs and selling output, few businesses could produce much without credit.

     See also | financial markets | loan | money | exchange | corporate bond | commercial paper | government security | capital market | money market |


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CREDIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 5, 2024].


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TOTAL COST CURVE

A curve that graphically represents the relation between the total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of short-run production is built. It combines all opportunity cost of production into a single curve, which can then be used with the total revenue curve to determine profit. The marginal cost curve, THE focal point for the analysis of short-run production, is derived directly from the total cost curve. The shape of the curve reflects increasing marginal returns at small quantities of output and decreasing marginal returns at larger quantities.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for pencil sharpeners with an attitude.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

T-BOND
Treasury Bond
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